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The crypto market is currently experiencing a downtrend. In the last 24 hours, the global market cap and trading volume dropped by some margin. Similarly, the fear/greed index grows weaker every day, with a 54 rating today. Chances are the gloomy market sentiment is influenced by the weekend. In the meantime, what are the best cryptos to buy now?
Although ICP, CSPR, and a few other tokens rank high on crypto gainers lists, they might be the ideal cryptos to buy now. This article reviews some of the top crypto performers in the market, revealing why they are in the best position for profitable price movements. Before getting into the details, the data below reveals the overall performance of the crypto market in the last 24 hours.
Global Crypto Market Cap Chart
The global crypto market maintains its decline at 0.20% in the last 24 hours. Also, the trading volume is down by over 27% in the said period. DeFi transactions scaled up by a few points, making up 8% of global trading volume in the last 24 hours.
Best Crypto to Buy Now
With bitcoin fluctuating between $29k and $30k, is it best to look into portfolio diversification? It’s best to keep a diversified portfolio that contains a basket of assets across various sectors of the crypto industry. Investors with matured risk appetite should also look into promising memecoins and presale projects as a viable hedging plan. A good example could be the Burn Kenny project which recently completed its presale. The project is set to go live on Monday, 24th July at 1800 CET. Read below for more details.
1. Synthetix (SNX)
Synthetix has been making efforts to break out of the $3 resistance. However, the force of the pressure from the bear seems to overpower its upward trend. Earlier in the year, SNX saw a sharp price decline that pushed its price from $4 down to its current range of $2 – $2.9.
However, for some months now, SNX has mounted intense pressure on the $3 resistance in an attempt to break above. In the last 24 hours, the SNX made another attempt at breakout but saw another rejection. It was the second attempt in 48 hours. Undoubtedly, the price of the token might reach above $3 before the end of the week. One obvious reason for this is the success of the bulls in causing price gains for the asset despite a 66% decline in trading volume.
Ultimately, Synthetix might be one of the best cryptos to buy now in anticipation of impending gains. It has recently given way to the bears with about a 2% decline in value. It might be the best time to buy the dip and position for the upward trend. However, the decision to buy might be best delayed to the deepest trough of the decline.
According to Tradeview technical rating indicator, all the basket of moving averages indicators points towards the buy signals. Furthermore, its RSI (14) reading points toward the neutral signal with a reading of 68, showing that the token is neither overbought nor oversold. Invariably, SNX provides a chance of effective short and medium-term edge. Also, the trend in the market favors DeFi assets. It might interest investors to know that SNX is a premium token in the DeFi category.
2. XDC Network (XDC)
XDC’s upswing reaches new heights as the bull’s dominance continues. But there might be reasons to worry about how long the bulls can hold on to the gains. In the early hours of today, there was a 21% drop in the price of XDC as the asset faces rejection at the $0.058 price point. Nonetheless, XDC ranks as one of the best-performing assets of the week after printing gains of over 50%. In the same vein, its trading volume reached as high as 53% in the last 24 hours pushing the price above $0.05.
There is speculation that XDC might break above the $0.05 resistance. Hopefully, it will make its move toward the $0.06 – $0.07 zone. Even at that, there is a need to sustain the volume to keep the trend going up. Nonetheless, as the network deepens its influence in the crypto industry, it is likely to sustain its gains. Updates on its Twitter handle depict the moves to expand the visibility within the crypto industry via participation and sponsorships.
🚀🇫🇷 The day has finally arrived! We're all set to represent the #XDC Network at the Blockchain @OracleSummit during ETHcc week in Paris. Looking forward to insightful discussions about innovative partnerships and integrations. Let's shape the future of blockchain together. Come… pic.twitter.com/38kqB73di9
— can I. (@Inac1I) July 21, 2023
At its current pace, it’s likely the price of XDC will overtake its year high of $0.058. XDC is rightly positioned as one of the best cryptos to buy now. At best, it makes a valid token for long-term gains.
3. GMX (GMX)
There are speculations that GMX would see a further decline in price as a result of the death cross that was seen on its chart. Contrary to the assumption, the price of the token is up by 4% in the last 24 hours. What’s more, surprising is the fact that the price of the asset is increasing against decreasing trading volume. As the asset continues its trend downward it might be best to consider buying the dip. In the last 90 days, GMX has lost over 74% of its value, and the decline might continue further down, according to data gathered from its charts.
The asset price is currently experiencing a pullback and might continue till it reaches below $40 according to data available on Tradeview. All technical indicator returns sell signals with the rsi and other oscillators remaining in the neutral range. While immediate buy-in might is not the best move, it’s better to add GMX to the watch list to buy at the lowest point as the price is likely to continue further down.
4. Conflux (CFX)
Conflux is back on the upward trend. For some weeks now, CFX has been on a declining trend that’s drained its price from $0.25 to $0.19. However, in the past 7 days, CFX seems to be on a consolidation trend. It reached gains of 2% in the last 24 hours, with an increase of 28% in the trading volume. Is CFX making a comeback? There are speculations that the price of the asset might reach up to $0.5 before the end of the year. The facts of the claims depend on how the bulls approach the $0.3 – $0.4 resistance zone.
As the first regulatory-compliant blockchain in China, the crypto community had high expectations for CFX. Earlier in the year, the anticipation of Conflux’s entry into mobile telecom pushed the asset price above the $0.3 mark. The failure to achieve a breakthrough in the mobile communications market shaved off most of those gains.
However, Conflux is making another attempt in the telecoms market. According to the information published on its official Twitter handle, Conflux is partnering with World Mobile. World Mobile is a blockchain-based global mobile network. The collaboration is the first expansion of World Mobile outside the Cardano chain. The partnership will improve access to blockchain-powered mobile communication while building on the success of BSIM cards.
🚀 Exciting news! We’re teaming up with @WorldMobileTeam, the blockchain-powered global mobile network.
Our collaboration builds on the success of the #Conflux BSIM card launch. Ready to dive into the four key areas we’ll be working on together? Keep reading! 🧵 pic.twitter.com/BEXhjzPfs5
— Conflux Network Official (@Conflux_Network) July 20, 2023
After the partnership news hit the market a few days ago, CFX’s trading volume increased by nearly 100%. With further activities around the network, it is likely the price of Conflux makes a comeback. Ideally, the price of the asset is grossly underpriced. Invariably, CFX is one of the best cryptos to buy now, especially because of its access to the Chinese market.
5. Burn Kenny (KENNY)
Burn Kenny had a blast in its presale, achieving its target in only a few days. The humor-filled token is about to go on exchanges. As a quick refresher, Burn Kenny is a deflationary meme token inspired by the beloved South Park character, Keny McCormick. Therefore, the project aims at bringing a community of memecoin lovers together in the spirit of fun and harmony.
The weekend is almost half over, which means we are that much closer to $Kenny going live
⏰ Monday 24th July at 1800 CET
🔥 All eyes in Web 3 on #BurnKennyToken
🖱️ Token contract already deployed w/ LPWe are ready to go.. Just need for Monday to roll around pic.twitter.com/s7ka4qXkYE
— Burn Kenny (@BurnKennyCoin) July 23, 2023
While the aim is to have fun, no one says there can’t be chances that the community can help each other to get rewarded too. The project makes no promises, but the profit plan and structure come with the system. 40% of the token supply was sold at the presale, which helped raise the first round of funding and brought the most passionate investors on board.
Furthermore, the project intends to initiate the Burn strategy. The process will reduce the overall supply of the KENNY in circulation over time. The intention is to drive up the asset price by reducing the supplies. Currently, over 30% of the total supply is earmarked for burns in the periods following its listing. KENNY is set to go live on Monday, 24th July at 1800 CET. While the token presale is over, there’s still a chance to get involved in the promising project by visiting its presale page. The Twitter and telegram handles available on the presale page also share further information.
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